The net loss before unusual items was $459,000. Sales during the quarter improved to $7.9 million from $6.9 million in the 1988 period.
The company’s operating earnings of $5.3 million to March 31 were derived entirely from the oil and gas earnings of two subsidiary companies.
No gold production was reported in the 1989 first quarter as the company suspended milling operations at both its operating Western Canadian mines last year.
In 1989, Total Energold plans to spend about $17.7 million on mineral exploration, with the emphasis on the Tundra gold project in the Northwest Territories and the Erickson gold camp near Cassiar, B.C. The company’s two oil and gas subsidiaries, Ranchmen’s Resources and Consolidated Trans- Canada Resources, plan to spend $18.0 million on exploration and development this year.
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